Home financing in Madison County.

Home financing simply means borrowing money to buy, build, or improve a home, and then repaying it over time with interest. The most common product is a mortgage: a lender gives you a lump sum to purchase a property, and you repay it monthly — typically over 15 or 30 years — while the home itself serves as collateral.

In Madison County, you will encounter several common loan types:

• **Conventional loans** — offered by banks and credit unions, usually requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the federal government, allowing down payments as low as 3.5% and more flexible credit requirements. Good for first-time buyers.

• **USDA Rural Development loans** — because much of Madison County qualifies as rural, many buyers here can access zero-down USDA loans with competitive rates.

• **ITIN loans** — for buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number. Several community lenders offer these.

• **Hard money / bridge loans** — short-term loans used by investors, usually with higher rates and shorter repayment windows. Use with care.

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Madison County's economy is shaped by three pillars: Brigham Young University–Idaho (BYU-Idaho) in Rexburg, agriculture (potatoes, grain, dairy), and a growing number of small construction and trades businesses. This means lenders here are familiar with seasonal income, self-employment, and fluctuating agricultural revenue — which is good news if your income does not look like a simple W-2 paycheck.

**You may qualify if you:**

- Have worked in construction, farming, or a trade for at least two years (self-employed or as an independent contractor)

- Have a credit score of 580 or higher (some ITIN lenders have no minimum)

- Can show consistent income through bank statements, 1099s, or tax returns

- Are a first-time buyer, a move-up buyer, or a small investor (1–4 units)

- Use an ITIN rather than a Social Security Number

**USDA eligibility note:** Most of Madison County — including areas outside Rexburg's city limits — qualifies for USDA Rural Development loans. This is one of the best-kept secrets in this region. If you are buying outside a denser neighborhood, ask specifically about USDA before assuming you need a large down payment.

**BYU-Idaho area note:** The Rexburg rental market is active due to the student population. Small investors purchasing 2–4 unit properties may find strong rental demand, which some lenders will count as projected income when evaluating your application.

Gathering your documents before you start talking to lenders saves time and builds lender confidence. Here is what most home lenders in Madison County will ask for:

**For all applicants:**

- Government-issued photo ID (passport, driver's license, or consular ID/matrícula consular)

- ITIN or Social Security Number

- Two years of federal tax returns (1040s), including all schedules

- Two most recent W-2s or 1099s

- Two to three months of bank statements (all pages)

- Proof of current address (utility bill, lease agreement)

**If you are self-employed or a solo contractor:**

- Profit and loss statement for the current year (a simple one-page summary is fine)

- Business bank statements (12–24 months) — some lenders use these instead of tax returns

- Any business licenses or contractor registration documents

**For ITIN applicants:**

- ITIN letter from the IRS

- Proof of residency history (12–24 months in the same area is helpful)

- Two years of ITIN-filed tax returns

- Additional bank statements may be requested

**For investment properties:**

- Existing lease agreements if the property is already rented

- A simple rental income summary

- Reserve funds documentation (many lenders want to see 3–6 months of mortgage payments in savings)

Tip: Do not worry if your paperwork is not perfect. Community lenders and CDFIs are experienced at working with non-traditional income. Bring what you have and let them guide you.